Alston & Bird Consumer Finance ABstract

Application Deadline Looms Under California Debt Collection Licensing Act

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On September 25, 2020, California Governor Gavin Newsom approved Senate Bill 908 – enacting the Debt Collection Licensing Act (DCLA). The DCLA, which takes effect January 1, 2022, requires a person or entity engaging in the business of debt collection in California to be licensed and provides for regulatory oversight of debt collectors by the Department of Financial Protection and Innovation (DFPI). Pursuant to the DCLA, debt collectors who submit an application by Dec. 31, 2021 may continue to … [Continue reading] about Application Deadline Looms Under California Debt Collection Licensing Act

Did the CFPB follow PRA requirements in issuing its Big Tech orders?

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On October 21, the CFPB issued a series of orders to “collect information on the business practices of large technology companies operating payments systems in the United States.” The CFPB sent the orders to six companies: Amazon, Apple, Facebook, … [Continue reading] about Did the CFPB follow PRA requirements in issuing its Big Tech orders?

New CFPB Chief Rohit Chopra Confirmed by Senate and Takes Immediate Action Against Big Tech Firms

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A&B Abstract: On September 30, 2021, the Senate confirmed Rohit Chopra to serve as director of the Consumer Financial Protection Bureau (CFPB) in a 50-48 vote along party lines. He had been serving as a member of the Federal Trade Commission … [Continue reading] about New CFPB Chief Rohit Chopra Confirmed by Senate and Takes Immediate Action Against Big Tech Firms

California, New York Create Disclosure Requirements for Commercial Financing Transactions

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State Capital

A&B ABstract: As a general matter, state regulation of commercial lending is relatively light, and few states impose licensing requirement on commercial loan origination.  In two noteworthy state developments, however, California and New York … [Continue reading] about California, New York Create Disclosure Requirements for Commercial Financing Transactions

Modern-Day Redlining Enforcement: A New Baseline

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Residential Mortgage

On October 22, 2021, the U.S. Department of Justice (DOJ) announced an aggressive new initiative, in collaboration with U.S. Attorneys’ Offices throughout the country, to combat the practice of redlining. Three days prior, the Consumer Financial … [Continue reading] about Modern-Day Redlining Enforcement: A New Baseline